Glencore expects better earnings in marketing division

Glencore's headquarters in Baar, Switzerland. Picture: REUTERS/Arnd Wiegmann

Glencore says it expects full-year 2021 earnings before interest and tax for its marketing unit to exceed the top end of its $2.2bn to $3.2bn long-term guidance, but stuck to its production guidance. The miner and trader reported a 9% drop in coal production year-to-date due to its Prodeco mines in Colombia being suspended and lower domestic production in SA.

Ferrochrome production jumped 65% year on year to 1,071,000 tonnes as SA mines ramped up after a Covid-19 lockdown. CEO Gary Nagle said the improvement in energy markets had helped the company recover from market-driven production cuts in its Australian coal assets in the second half of 2020.Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at Australian mine Murrin Murrin and operating issues at its Koniambo mine in New Caledonia.

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